How to Live on a Student Budget
By Lola Mendeloff
People always tell you that college is when you learn to be and adult. You are on your own for the first time. This means being responsible for getting yourself to class, doing your own laundry and maybe even cooking your own food. Even if you are fortunate enough to have a job (and not everyone is, especially on a small campus like Denison), you may still be in total control of your finances for the very first time. Living on a student budget is not easy but here are some tips for making do with what you have.
Step one: do NOT buy things you know you do not need and things you know you cannot afford. Sure, that outfit is super cute or that video game/movie/book/electronic thing that you have been waiting for finally came out, but if it is between those things and say gas for your car or money for food, don’t do it. There will always be a sale around the corner if you have the patience to wait for it. Lots of stores have semi-annuals sales, clearance sales as soon as new merchandise comes in or any sort of holiday sale. If something really seems worth it, ask yourself the following important questions: Do I have the money for this? Do I have the space for it? Will I ever actually use/wear it? Do I already own something similar enough that I don’t need this? Your answers could save you buyer’s remorse when you get home.
Step two: know where to shop. Going to the mall is always fun, and Easton is no exception, but sometimes name brand stores raise prices unnecessarily just because they can. Look into department stores or thrift stores, even a re-sale place if you can find one. Those places can have name brands or other really awesome things for far lower prices. Also, don’t rule out online or even dollar stores. Online shopping often gives you more sale options (especially if you sign up for email coupons). Dollar stores are great for little necessities like make up or house ware items (the closest one is in Newark on 21st street). Food stores are the same—sure Ross’s is close and local, but Kroger has great deals and wider selections.
Step three: do not be ashamed of couponing or comparing prices. When I was younger, my dad made me crazy always buying the cheapest off-brand option to save a few dollars. Now that I have to buy my own food or clothes, I see his point. Coupons or memberships are a great way to save money every time you shop. Places like CVS and Kroger offer free memberships that if you have an account, you get special deals just for members (such as 3/$5 on items like soups, sauces etc rather than the regular individual price) or a point system that yields coupons for your entire purchase (I have one in my wallet now that is $5 off my next purchase of $15). If you actually try, you can save money on every single thing you buy at Kroger, and trust me, my roommates and I have tried and succeeded. This also helps you bundle. Shopping in bulk seems tedious to carry home but you will be thankful when you don’t have to go to the store every week because you only bought enough food for a few meals.
Step four: plan ahead. If you know you have something big coming up or know that you will be low on funds later on, do what you have to in order to spread out your money. If you are planning to go out for dinner with your friends on Friday, maybe make an effort to eat in or at a dining hall (get someone to swipe you in if you don’t have a plan) so you don’t waste money before hand. If you don’t need all of your paycheck when you get it, put some away immediately so you don’t spend it needlessly—savings account are great for doing that. Every summer paycheck I earn, I put 60% of it in my savings and leave 40% in my checking to spend as I please that way I always have some put away in case I need it. When I was living abroad, every three weeks we were given a food allowance and I always put most of it in the safe in my room so I didn’t carry around a lot of cash and also so I knew it would be safe from myself.
Having the freedom to spend your money as you please is great; until suddenly it is all gone and you find yourself surrounded by things you did not need and overcome with buyer’s remorse. Living on a student budget is hard but learning to manage it before entering the so called “real-world” and you have to factor in things like rent and bills. Having the skill set to manage your funds is something you can take from college and use the rest of your life.